Binance, the cryptocurrency exchange giant, has announced its backing for the merger of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) into a new altcoin called Artificial Superintelligence (ASI).
As part of the merger into Artificial Superintelligence (ASI), Binance will suspend deposits and withdrawals for Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) beginning July 1, 2024. This transition aims to ensure a smooth process for users. New trading pairs for ASI will be introduced on July 5, 2024, marking the beginning of trading under the new merged token.
Binance’s Transition Plan for FET, OCEAN, and AGIX to ASI Coin
Binance has announced important steps for the merger and transition of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) into the new Artificial Superintelligence (ASI) coin. Here’s what users need to know:
Deposits and Withdrawals Suspension: Deposits and withdrawals for FET, OCEAN, and AGIX will be suspended starting at 06:30 AM (UTC) on July 1, 2024. Users should complete any pending transactions before this time to avoid disruptions.
Transition to ASI Coin: After the merger, deposits and withdrawals for FET, OCEAN, and AGIX will no longer be supported as Binance prepares for the introduction of ASI coin. Binance will manage all technical aspects to facilitate a smooth transition for users.
Conversion Rates: As part of the merger process, Binance will convert FET, OCEAN, and AGIX coins into ASI coins at the following rates:
- 1 FET = 1 ASI
- 1 OCEAN = 0.433226 ASI
- 1 AGIX = 0.433350 ASI
These conversions will automatically reflect in users’ accounts once the merger is completed.
Trading and Delisting: Binance will delist and halt trading for all spot trading pairs involving FET, OCEAN, and AGIX from 06:00 AM (UTC) on July 1, 2024. This includes pairs like AGIX/BTC, FET/USDT, and OCEAN/BNB. Users are advised to adjust trading strategies accordingly to mitigate potential losses.
Trading for new pairs such as ASI/BNB, ASI/BTC, and ASI/USDT will commence at 11:00 AM (UTC) on July 5, 2024, after the delisting.
Binance Futures and Margin Trading: Binance Futures will automatically settle positions for FETUSDT, OCEANUSDT, and AGIXUSDT contracts at 12:00 PM (UTC) on June 25, 2024. Users should close their positions before this date to avoid automatic settlement.
Margin trading for AGIX/BTC, FET/USDT, and OCEAN/BTC pairs will conclude at 09:00 AM (UTC) on June 26, 2024. Isolated margin borrowing for these pairs will be suspended from 09:00 AM (UTC) on June 21, 2024.
These steps are part of Binance’s efforts to ensure a seamless transition to ASI coin and provide clarity and support to its user base throughout the process.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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